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The Morning Ledger: German Car Makers Propose Scrapping Tariffs |
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An employee works on a Volkswagen e-Golf electric automobile on the assembly line inside the Volkswagen factory in Dresden, Germany, May 8, 2018. PHOTO: JENS SCHLUETER/GETTY IMAGES
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Good morning. German auto makers are proposing to abandon all import tariffs for cars between the European Union and the U.S., a peace offering aimed at resolving part of the trade friction between the Trump administration and EU leaders, report the WSJ's William Boston and Bojan Pancevski.
It comes after tensions between the U.S. and China escalated earlier this week, with President Trump threatening to impose tariffs on an additional $200 billion in Chinese imports. This would not just impact businesses, but also consumers, write the WSJ's Josh Zumbrun and Khadeeja Safdar.
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The escalating trade friction between the U.S. and China pushed global markets lower on Tuesday, as investors began to take the threat of a trade war seriously, report the WSJ's Akane Otani, Mike Bird and Shen Hong.
U.S. soybean prices fell to their lowest point in two years as the renewed trade tensions sapped hopes that U.S. farmers might win a reprieve from Chinese tariffs on the crop set to take effect next month, writes the WSJ’s Benjamin Parkin.
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The National Association of Realtors will release existing-home sales numbers for May at 10 a.m. ET. The report is expected to show a 1.6% uptick.
Brazil’s central bank is expected to release an interest rate decision at 5 p.m. ET.
Barnes & Nobles Inc., Darden Restaurants Inc., Kroger Co. and Red Hat Inc. are among the companies slated to report earnings today.
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General Electric Chief Executive John Flannery at the New York Stock Exchange, Nov. 2017. PHOTO: RICHARD DREW/ASSOCIATED PRESS
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General Electric Co. will drop out of the Dow Jones Industrial Average next week, to be replaced by Walgreens Boots Alliance Inc., a milestone in the decline of a firm that once ranked among the mightiest of U.S. blue-chips.
Ford Motor Co. and Volkswagen AG are exploring how they could work together to better compete globally as cars become more technologically advanced and customer expectations evolve.
AT&T Inc. is in talks to acquire advertising technology company AppNexus Inc., according to people familiar with the matter, a deal that would give the telecom giant a foothold in digital ad sales as it seeks to become a challenger to Alphabet Inc.’s Google and Facebook Inc.
Starbucks Corp. said it will close more coffee shops in the increasingly crowded U.S. market where it was a pioneer. The coffee giant said Tuesday that it will close 150 U.S. stores in its 2019 fiscal year, triple the number it has closed on average in recent years.
U.S. company spending on logistics reached a record of nearly $1.5 trillion in 2017, up 6.2% from the year before, as the cost of everything from big-rig haulers and rail transportation to airfreight, parcel carriers and storage climbed steeply.
Oracle Corp. on Tuesday surprised investors by changing the way it reports revenue from its business units and warned currency conversions would weaken the company’s performance this quarter.
Verizon Communications Inc., AT&T Inc. and Sprint Corp. pledged to stop sharing customer locations with two data brokers after at least one company revealed individuals’ whereabouts without their consent.
BP PLC's project deep in Oman’s desert shows how big oil companies are taking hydraulic-fracturing techniques perfected in Texas to the global stage, where they had long struggled.
JCDecaux SA said Wednesday that it has made an indicative and non-binding proposal to buy APN Outdoor Group Ltd. for 1.1 billion Australian dollars ($812 million), reports MarketWatch.
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Jelena McWilliams at her confirmation hearing, Jan. 2018. PHOTO: ANDREW HARRER/BLOOMBERG NEWS
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Jelena McWilliams, the new chairman of the Federal Deposit Insurance Corp. -- a key U.S. bank regulator -- said her agency needs to be more responsive to the industry’s concerns and wants to review how regulators enforce “living will” requirements for big banks.
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The Internal Revenue Service and the U.S. Treasury Department have issued a notice saying they intend to amend the Section 987 regulations on foreign currency gains and losses, delaying the applicability date by one more year, reports Accounting Today.
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The U.K. government has all but given Rupert Murdoch’s 21st Century Fox Inc. permission to partake in a bidding war for British pay-TV giant Sky PLC, clearing one of the last obstacles for a corporate takeover battle that also includes Walt Disney Co. and Comcast Corp.
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California and eight other states are preparing to roll out a plan pressuring car companies and others to meet ambitious goals for sales of electric vehicles and other environmentally friendly automobiles.
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Bank of America Merrill Lynch, a unit of Bank of America Corp., will pay $42 million for misleading clients by routing orders to high-speed trading firms without telling the customers, the U.S. Securities and Exchange Commission said Tuesday.
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A McKinsey & Co. retirement fund held investments that gave it a financial interest in the outcome of six bankruptcy cases in which the company also was serving as an adviser, court and regulatory filings show.
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European Union regulators on Wednesday ordered Luxembourg to recover €120 million ($139 million) in back taxes from French utility Engie SA after ruling that their tax deal infringed the bloc’s state aid rules, reports Reuters.
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A bruising trade fight with the U.S. lands at a difficult time for China as its economy contends with rising headwinds, constraining Chinese President Xi Jinping’s options.
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U.S. housing starts rebounded in May to the highest level since 2007, driven by a construction rebound in parts of the country that have lagged for much of the economic recovery as well as a lingering apartment boom.
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The Chinese government’s plan to promote domestic high-tech industries, a prime target of the latest U.S. trade measures, is also stirring unease among European companies, according to a survey by the European Chamber of Commerce in China.
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Sanofi SA, the Paris, France based pharmaceutical company, named Jean-Baptiste Chasseloup de Chatillon, as Chief Financial Officer, executive vice president and member of the executive committee, effective Oct. 1.
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He succeeds Jérôme Contamine, who will retire on Sept. 30. Mr. Chasseloup de Chatillon will join the ambien maker on Sept. 1 to ensure a smooth transition. He most recently served as CFO for French automaker PSA Group, which owns several car brands including Peugeot, Citroen and Opel.
Mondelēz International Inc., the confectionary, food and beverage company, said Luca Zaramella will become CFO, effective Aug. 1, 2018. Mr. Zaramella currently serves as senior vice president of corporate finance and has been with Mondelēz for 20 years, the company said in a statement. Mr. Zaramella will replace Brian Gladden, who will leave the company in August.
Mr. Zaramella will receive an annual base salary of $700,000, a target annual incentive of 100% of his base salary, and an annual equity grant with a target value of $2,500,000. On Aug. 1, 2018, Mr. Zaramella will be granted performance-based equity totaling $1,000,000 which will be split 75% in performance share units and 25% in stock options, the company said in a filing.
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